Nigeria Retail Banking Report: A Look at Retail Banking, Where the Customer is the Kingdom

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In celebration of customer service week 2017, here are some valuable insights from customers in the retail banking industry. As we anticipate Ciuci Consulting’s 2017 Retail Banking Report, here are a few examples of how customers viewed the industry in 2016.

The research is conducted to identify where retail customers find value in the Nigerian banking industry. From the inception of the Ciuci Consulting Retail banking report in 2013, GTBank was the highest perceived retail bank. However, in the 2016 edition Zenith Bank ousted GTBank as the top bank based on customers’ perception.

Over 2,600 customers and 1,000 SMEs rated Nigerian retail banks based on their perception of different banking services offered. When the responses from the different customers profiles were analyzed, a series of insights were found. This article reveals banking customer thoughts on their banking experiences.

For male and female customers deciding on their primary financial institution, various factors are important such as quality of service, transaction channel access and proximity of the bank.

When analyzing the reasons why customers of different marital status had multiple bank accounts, the data was consistent as most indicated their alternative accounts were opened for mandatory reasons. Considering the relationship between the employment status of customers and their use of mobile banking services, respondents that are employed and students are more likely to use mobile banking services.

Despite the availability of multiple channels for money transfers, the banking hall remained the most preferred channel across customers of all income levels.
Interestingly, respondents employed in the finance and insurance sectors hardly use social media to learn about bank offerings. Customers in the legal profession appear to be most reliant on social media platforms for learning about bank products and services.

Download the entire publication here

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